Zacks Investment Research downgraded shares of Redwood Trust (NYSE:RWT) from a hold rating to a strong sell rating in a research report released on Friday, November 10th.
According to Zacks, “REDWOOD TRUST INC. is a self-advised and self-managed real estate investment trust. It specializes in acquiring and managing real estate mortgage assets which may be acquired as whole loans or as mortgage securities reperesenting interest in or obligations backed by pools of mortgage loans. “
Other research analysts have also issued research reports about the stock. ValuEngine lowered shares of Redwood Trust from a strong-buy rating to a buy rating in a research note on Tuesday, August 1st. BidaskClub raised shares of Redwood Trust from a hold rating to a buy rating in a research note on Friday, August 4th. Finally, Deutsche Bank decreased their price target on shares of Redwood Trust from $18.50 to $17.00 and set a buy rating for the company in a research note on Wednesday, November 8th.
Redwood Trust (NYSE:RWT) last released its quarterly earnings data on Monday, November 6th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.04). Redwood Trust had a return on equity of 9.87% and a net margin of 41.62%. The firm had revenue of $35.00 million for the quarter, compared to analyst estimates of $36.86 million. During the same quarter in the previous year, the business posted $0.58 earnings per share. Redwood Trust’s revenue for the quarter was down 10.3% on a year-over-year basis. analysts expect that Redwood Trust will post 1.39 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Friday, December 15th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, December 14th. This represents a $1.12 annualized dividend and a dividend yield of 7.42%. Redwood Trust’s dividend payout ratio is presently 70.89%.
Several institutional investors have recently made changes to their positions in RWT. UBS Asset Management Americas Inc. increased its holdings in shares of Redwood Trust by 39.2% in the 1st quarter. UBS Asset Management Americas Inc. now owns 39,112 shares of the real estate investment trust’s stock valued at $650,000 after acquiring an additional 11,015 shares during the period. SG Americas Securities LLC acquired a new position in shares of Redwood Trust in the 1st quarter valued at $107,000. Teachers Advisors LLC increased its stake in Redwood Trust by 2.6% in the 1st quarter. Teachers Advisors LLC now owns 129,073 shares of the real estate investment trust’s stock valued at $2,144,000 after buying an additional 3,248 shares during the period. Vanguard Group Inc. increased its stake in Redwood Trust by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 6,165,829 shares of the real estate investment trust’s stock valued at $102,414,000 after buying an additional 224,548 shares during the period. Finally, Geode Capital Management LLC increased its stake in Redwood Trust by 3.1% in the 1st quarter. Geode Capital Management LLC now owns 686,358 shares of the real estate investment trust’s stock valued at $11,400,000 after buying an additional 20,330 shares during the period. 85.36% of the stock is currently owned by institutional investors and hedge funds.
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Redwood Trust Company Profile
Redwood Trust, Inc, through its subsidiaries, focuses on investing in mortgage and other real estate related assets. The Company is engaged in mortgage banking activities. The Company operates through three segments: Residential Investments, Residential Mortgage Banking and Commercial. The Residential Investments segment includes a portfolio of investments in residential mortgage-backed securities (RMBS) retained from its Sequoia securitizations.
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